Particle.news
Download on the App Store
6 ARTICLES
·
last wk.

Asian Paints Completes Bulk Sale of 4.42% Akzo Nobel India Stake for ₹734 Crore

The sale caps Asian Paints’ profit-rich exit at a premium as JSW Paints moves to finalize its takeover with an open offer backed by equal parts accruals, debt and private equity.

Image
Image
Image
Image

Overview

  • Asian Paints sold its entire 4.42% stake in Akzo Nobel India, transferring 20.1 lakh shares at ₹3,651 apiece for about ₹734 crore.
  • The divestment more than doubled the company’s original FY18 investment of roughly ₹360 crore, delivering a strong return.
  • Buyers in the bulk deal included Eastspring Investments India and ICICI Prudential Mutual Fund, acquiring 0.25 million and 0.7 million shares respectively.
  • Following the transaction, Asian Paints shares rose 0.5% while Akzo Nobel India shares declined around 1.6%.
  • JSW Paints’ open offer at ₹3,417.77 per share remains live after its June 27 purchase of 74.76% of Akzo Nobel India at ₹2,762.05 per share.